A London-based start-up has picked up £1 million in seed funding to help realise the company’s ambitions of digitising the pharmaceutical supply chain.
Techcrunch reports Veratrack has secured backing from individual investors including the ex-head of corporate strategy for Microsoft, Charlie Songhurst, Tony Fitzpatrick, EVP of operations at Vectura Group and Antonin de Fougerolles, CEO of Fox Therapeutics.
Leading the round is Force Over Mass, along with Ascension Ventures, Blockchain Valley Ventures, Seedcamp and TrueSight Ventures.
Veratrack offers a “document collaboration and workflow management platform” allowing users to communicate seamlessly with supply chain partners at different organisations while chronologically executing the steps required to release a product to market.
It also uses blockchain technology to create “iron-clad-audit trail” of all document events, allowing for increased visibility for supply chain partners along with the ability to react and adjust to events, which ultimately leads too better patient care.
In an interview with Tech Crunch, Veratrek CEO and co-founder, Jason Lacombe, said: “There are a variety of cloud-based document management services operating in other industries; however, they are not regulatory compliant for the pharmaceutical industry.
“From the inception of Veratrak, we have built our software to be GAMP 5 compliant, to the highest security and quality standards, and have worked alongside users at pharmaceutical and life sciences companies to test our solution and provide feedback on what we are building.”
Veratrak charges customers a monthly per-head license fee based on volumes of licenses purchased by organisations.
“We also offer all our paying customers free guest licenses to invite on their external partners to collaborate on document workflows,” added Lacombe.
“This creates some significant network effects and virality. We have seen this work well with other companies like DocuSign that invite collaborators via email to sign documents.”